Mortgage Rate Update

Mortgage rates for 30-year fixed mortgages fell this week, with the current rate borrowers were quoted on Zillow Mortgages at 3.73 percent, down 2 basis points from last week.

The 30-year fixed mortgage rate fell to 3.67 percent on Friday before rising to the current rate Tuesday.

“Mortgage rates fell last week to their lowest levels since early May after the Fed deferred its first rate hike yet again,” said Erin Lantz, vice president of mortgages at Zillow. “We expect rates to be mostly stable this week now that the uncertainty about the Fed’s decision has subsided.”

Additionally, the 15-year fixed mortgage rate was 2.89 percent, and for 5/1 ARMs, the rate was 2.71 percent.

*The weekly mortgage rate chart illustrates the average 30-year fixed interest rate in six-hour intervals.

(Source: ZillowBlog)